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ZLATOVNA ECONOMIC NEWS
A quick look at what's new in the world of economic policy, finance and precious metals.

Economy: Consumer confidence in the US fell, but inflation expectations improved. Chinese exports and imports fell by double digits in July, more than expected. China recorded a decline in consumer prices for the first time since February 2021. Inflation in the Czech Republic is the fifth highest in OECD countries, a study found. Inflation in Germany slowed to 6.4 percent in August according to the EU methodology. Inflation in the euro area remained at 5.3 percent in August, growth was expected to moderate. Czech foreign trade ended in a surplus of 18.2 billion crowns in June. Analysis: Despite the decline in Europe, the Czech Republic still had the ninth highest inflation in July. Colliers: The industrial real estate market grew the most in five years. After data revisions, the US economy grew less than expected in the quarter. Moody's: Due to persistent high inflation, global economic growth will slow down. Retail sales in June fell by 4.1 percent year-on-year, the pace of decline slowed. The crown weakened by tens of cents after the CNB's decision to end interventions. Bundesbank: The German economy will probably stagnate again in the third quarter. GDP fell year-on-year, but grew quarter-on-quarter, stagnation is expected for the whole year. The CNB did not change the interest rate, ended the intervention regime to support the crown. The CNB slightly improved the estimate of the public finance deficit to 3.8 percent of GDP. Survey: One tenth of companies perceive the impact of the crisis on their business as very significant. Inflation continued to slow down, falling to 8.8 percent in July. CNB: Czech households' debts to banks exceeded CZK 2.21 trillion in July. The budget deficit fell to CZK 194.6 billion at the end of August.

Stock markets: Analysts: Global lithium shortage could occur as early as 2025. Oil prices fall due to concerns about the Chinese economy and a stronger dollar. Interfax: Lukoil requests permission to buy back shares from foreign investors.

Finance: S&P agency downgrades Casino chain, indicates probable bankruptcy. Russia's Sberbank to pay three billion rubles in extraordinary tax to the budget. The six largest banks in the Czech Republic have seen their profits fall by 2.5 billion to 37.1 billion CZK year-on-year. Association: Non-banking companies provided 5.5 percent more money in the first half of the year. Hungarians are withdrawing money from banks en masse and buying government bonds due to inflation. Russian Raiffeisenbank introduces a fee of 1000 USD for transfers in dollars to Russian accounts. WSJ: Visa and Mastercard are preparing to increase fees for merchants. Partners has received a banking license from the Czech National Bank, the new bank will be called Partners Banka. S&P agency downgraded the Casino chain to speculative grade. Swiss bank UBS had a record profit thanks to the takeover of Credit Suisse. WSJ: Visa and Mastercard are preparing to increase some fees in the US. The symposium of central bankers in Jackson Hole has begun, Powell's speech is expected. Insurance companies collected 84.7 billion CZK in premiums this year, 5.7 percent more year-on-year. The Russian Central Bank surprisingly increased the base interest rate, wants to stop the fall of the ruble. BBC: Former head of the British central bank will head the board of directors of Bloomberg. CNBC: Fitch agency warns against downgrading the ratings of dozens of banks, including JP Morgan. Hypoindex: The average mortgage rate fell to 6.19 percent in early August. UBS will pay a large fine in the US due to mortgage securities. S&P Global agency has lowered the credit ratings of several American banks. The British central bank, as expected, has increased the base interest rate to 5.25 pct.. Slovaks expect higher mortgage payments, most households will be able to manage it, according to the authorities.